Creative Ways To Save For Your Child's Post-Secondary Education

The hot lazy days of summer are over and a new school year is upon us. As kids get excited about reconnecting with old friends and making new ones, many parents find themselves thinking about finances.

First it starts with school supplies, new clothes and then all too soon, kids come home with college and university brochures. Visions of tuition fees, housing and books begin to surface, and soon your mind is dominated with the question -- how are we going to pay for this?

It's no secret that post-secondary education can be costly, depending on where your child's career dreams lie. But luckily, there are creative ways to save and there's even free money from the Canadian government.

How can I save for my child's education?

1) Take advantage of government money - Open an RESP with the Canada Education Savings Grant (CESG) and the Canadian government will contribute 20 cents for every dollar you contribute to a maximum of $500 per year and lifetime total of $7,200. For families with an annual income of less than $44,701 with a child that was born January 1, 2004 or later, you can open a Canada Learning Bond (CLB) and the government will contribute up to $2,000 with no contribution of your own required. Here's an infographic with more details.

2) Put small cash gifts into the RESP - When your children receive monetary gifts for their birthday or holidays, put the money into the RESP and explain to your children the reason for saving.

3) Get your children involved - Research indicates that when parents pay the entire education bill, kids tend to try less and don't work as hard. When kids have to contribute, they appreciate the value of the dollar they've earned and will try harder in school. To encourage saving, provide an incentive such as matching the amount of money they've saved.

4) Check out available scholarships - Look into scholarships with your children and encourage them to work towards the goal of earning one. Many organizations give grants based on a variety of criteria and qualifications.

What if my child decides not to attend a post-secondary school?

If your child decides that a post-secondary is not for him or her, you can always designate the money to another child. Otherwise, simply transfer the money to an RRSP or close the RESP, give back the grants and get back your contribution.

Even if your child is still in elementary school, it's never too early to begin saving for their education. A little bit every month, combined with the grants and perhaps a scholarship can eventually lead to a neat little package of funding that can make your child's career dreams come true.

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Grocery stores are strategically designed to place essential ingredients, such as dairy and produce, on opposite ends of the store. This forces most shoppers to pass through all the aisles, often times picking up items they don't need. Try to skip the middle aisles of the store and stick to only the items you need.

Coupons can save you some serious cash. Check out sites like coupons.com for great deals. And then double your savings by combining coupons with what's on sale at your local store. The store's circular is the best way to know what's being promoted. Make it a point to read it on a weekly basis, it'll save you lots.

While buying toiletries at the supermarket may be easy, you're paying a price for that convenience. Save those items for the pharmacy, where they are usually cheaper.

You might be used to a particular brand of cereal or sugar, but the generic options are usually cheaper. Generic brands often use name-brand products with their own labels on it, and they offer it at a better price. Just check the ingredients to be sure you're getting the same product.

Since we tend to look at items that are at our eye level, grocery stores know to place the more expensive items on the shelves we see first. When shopping, look at the higher and lower shelves for cheaper items.

When an item that most people use, like olive oil, goes on sale at the store, it sells out quickly. Inquire about getting a rain check. Some grocery stores offer the option of getting an extension on sold-out sale items.

Many people opt for canned beans because they're either intimidated by cook dried beans or they don't think they have the time. But making a good pot of beans is really easy -- we promise! -- and it tastes far superior. While the difference in price is not enough to break the bank, these little changes will add up.

Many of us go to the grocery store after work and before dinner, which is when we start to get hungry. If you buy your groceries when hungry, you'll purchase more than you need. Try to get the shopping out of the way on the weekends, when you can shop on a full stomach.

Don't buy the pre-made foods, no matter how good they look. You're at the store already, just buy the ingredients and make it for a fraction of the price at home. It'll taste much better fresh, too.

You've heard it before, and you'll hear it again: eat the produce that's in season. Not only will it taste infinitely better, but it will save you serious money. Out-of-season produce travels far, which are costs you end up paying for.

While experimenting with your cooking is a good idea, it's not always wise to buy those spices at your local grocery store. Making a trip to an international market can save you a ton on spices and specialty ingredients.

Bottled water is a billion dollar industry, and it's coming out of your pocket. The average 16 oz. bottle of water costs about a dollar, and it's recommended that you drink four of them a day; that equates to $120 dollars a month on something you can get for free from your faucet.

No matter how good your memory is, write a grocery list. Not only will it make sure you don't forget things you need, it'll more importantly deter you from buying the things you don't need.

While sometimes we can't avoid shopping with children, it's best to try to buy your groceries when they're not around. Children will often want to buy food items that you don't need, and it isn't always easy to say no.

Yes, it's convenient to have your lettuce pre-cleaned and contained in trimmed plastic tubs, but it also costs nearly three times the price. If you buy your own head of lettuce, wash and trim it right away, and have it ready to use, you won't even notice the difference.

If someone is getting paid to do a job that you could easily do yourself at home, like cutting up a mango or watermelon, you're going to be paying for it.

You're literally throwing money away by not starting your own herb garden. And you can do it no matter the amount (or lack of) space you have. Fresh herbs cost a small fortune at the grocery store. Often times you can buy an entire plant for less than you can a few sprigs at the supermarket.

Just like with pre-packaged lettuce and pre-cut fruit, grated cheese costs you extra for the convenience. But it's not that hard to grate your own cheese. With a less expensive block of cheese, and a cheap box grater, you can start saving money on this ingredient.

Fancy spice mixes and marinade rubs can easily set you back $5 a piece. This is the biggest waste of money since you can make your own spice mix with seasonings you most likely already have on hand. Remember, a large portion of most of the mixes are just salt.

The good folks at Elizabeth Street reminded us that bagged potatoes can prove to be a really good bargain. Sometimes stores charge just as much for two loose potatoes as they do a five pound bag. Compare as you shop, you'll be surprised where you can find savings like these.